Titagarh-FreightCar Joint Venture Company to be Wound Up

February 22, 2013 07:30 PM Eastern Daylight Time

CHICAGO--(BUSINESS WIRE)--Titagarh Wagons Limited (TWL) and FreightCar America, Inc. (FCA)
announced today that they have agreed to wind up and dissolve their
Indian joint venture company. The joint venture company, Titagarh
FreightCar Private Limited, was incorporated in India pursuant to a 2008
Joint Venture Agreement between the parties with the objective of
manufacturing and selling aluminum coal-carrying rail wagons in India.

“We had big plans for the joint venture company when it was incorporated
in 2008. However, those plans were not realized despite considerable
effort. After lengthy discussions, Titagarh Wagons and FreightCar
America have decided to dissolve the joint venture company and part ways
amicably.”

TWL and FCA said that soon after its incorporation, the joint venture
company had begun the process of obtaining approval from the Indian
Railways Research Designs and Standards Organisation (RDSO) for aluminum
wagon designs adapted for use on the Indian rail system. However, they
said that over time it became clear that approval from the RDSO would
not be obtained in an acceptable timeframe. The joint venture company
formally notified the RDSO in June 2012 that it would not further pursue
its request for design approval.

Umesh Chowdhary, Vice Chairman and Managing Director of TWL, commented,
“We had big plans for the joint venture company when it was incorporated
in 2008. However, those plans were not realized despite considerable
effort. After lengthy discussions, Titagarh Wagons and FreightCar
America have decided to dissolve the joint venture company and part ways
amicably.”

About Titagarh Wagons Ltd. Incorporated in 1997-98, Titagarh
Wagons Ltd. is one of the leading private sector Wagon manufacturers in
India. The Company is engaged in the business of manufacturing Railway
Wagons, EMUs (Coaches), Bailey Bridges, Heavy Earth Moving and Mining
Equipment, Steel and SG iron castings of moderate to complex
configuration etc. As an “Industry Partner” to the Defence Research and
Development Establishment, Ministry of Defence, it also manufactures
other products for the Indian Defence establishment, such as special
wagons, shelters and other engineering equipment.

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